City of Philipsburg v. Porter

The city of Philipsburg, under date of July 1, 1937, issued amortization bonds to the amount of $68,000 for the purpose of obtaining funds for the construction and improvement of its municipal water supply system. The bonds bear interest at the rate of four per cent, per annum and were purchased by the state board of land commissioners, sometimes termed in the record herein, department of state lands and investments of the state of Montana. In 1946 the city desiring to refund the then unpaid portion of this bond indebtedness, communicated with the state board of lands and investments and…